The group warned that pressure on Tehran will continue if negotiations fail to produce an agreement.
In a joint statement, G7 leaders stressed the need to address international concerns over Iran's nuclear activities through diplomacy.
The statement also called for safe and uninterrupted commercial shipping through the Strait of Hormuz, a key global oil and trade route.
The G7 expressed support for efforts led by France and the United Kingdom to restore maritime traffic and ensure freedom of navigation in the strategic waterway.
On the Ukraine conflict, G7 members called on Russia and Ukraine to agree to a comprehensive and mutual ceasefire.
The group reaffirmed its support for Ukraine's sovereignty and territorial integrity and urged both sides to stop attacks on energy infrastructure and targets in the Black Sea.
The statement further stressed that European countries must be involved in decisions concerning the future of European security.
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